Iraq News Highlights and Points To Ponder Saturday AM 10-19-24

Among Them Are Exchange Rates.. The Most Prominent Advantages Of Increasing Iraq’s Share In The International Monetary Fund

Money and business   Economy News – Baghdad  The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, confirmed today, Saturday, that increasing Iraq's share of the international monetary fund is a step to confront economic challenges and stabilize the dinar, while he pointed out that it is a tool against exchange rate fluctuations and inflation problems and to enhance investors' confidence in the Iraqi economy.

Saleh told the official agency, which was followed by "Al-Eqtisad News", that "Iraq maintains a reserve of gold within its foreign reserves, and it is part of the official reserves of the Central Bank of Iraq, as monetary gold is a means of supporting the value of the Iraqi dinar and achieving the desired economic stability."

When inflation rises and the value of foreign currencies falls, the price of gold usually rises, so gold is a hedge against inflation or currency devaluation. It is also a type of long-term investment and contributes to diversifying the country’s sovereign investment portfolio, because it is originally stable compared to currency volatility,” he added.

 He continued: "Our country holds about 150 tons of gold, which constitutes a percentage of the country's foreign currency reserves. This reserve is managed in accordance with the guidelines issued by multilateral international financial organizations. It represents a hedging tool and a safe and appropriate haven, as it is an important part of the national currency cover."

 He pointed out that "the monetary authority in our country has sought in recent years to increase its gold reserves, in order to confront economic challenges and ensure the stability of the Iraqi dinar."

He explained that "gold remains a protection tool against fluctuations in exchange rates and inflation problems, and it also contributes to enhancing investors' confidence in the Iraqi economy."

Earlier, the Council of Ministers approved increasing Iraq's share in the International Monetary Fund by the equivalent of (831,900,000) SDR, or the equivalent of (1.45025127) trillion dinars, according to the exchange rate on October 8, 2024, provided that the amount of the increase is included in the allocations for the year 2025, and that the proposed increase will lead to an increase in Iraq's share in the International Monetary Fund by 50% of the previous share, and to an increase in Iraq's voting power.    https://economy-news.net/content.php?id=48887

Holidays In Iraq... 34 Trillion Dinars In Losses!

2024-10-18 Source:   Sumerian    Holiday file... 34 trillion dinars in losses for the country due to official and unofficial holidays

In addition to the official weekends, the days of the year are crowded with additional holidays, of which the fixed ones amount to sixteen days, and the emergency ones exceed twenty days, thus reaching one hundred and forty days annually.  What did the concerned parties reveal to Sumaria?   LINK

Trade: These Are The Reasons For Postponing The (48) Session Of The Baghdad International Fair / Expanded

Friday 18 October 2024 11:53 | Economic Number of readings: 65  Baghdad / NINA / The Ministry of Trade revealed the reasons for the Prime Minister's approval to postpone the (48) session of the Baghdad International Fair to February 2025.

The ministry stated, in a press statement today, Friday, that "the request to postpone the session came as a result of the circumstances the region is going through as a result of the Zionist entity's attacks on the countries of Lebanon and Palestine and their people."

It added, "The sessions of the Baghdad International Fair are of great importance as they are Iraq's economic gateway to attracting countries and companies to display their products and identify the needs of the Iraqi market, and find partnerships with Iraqi sectors to enter into investment projects in various fields."

The ministry explained that "through the Iraqi Exhibitions Company, it will announce the exact date for the 48th session in the event that it is confirmed and all preparations are completed." https://ninanews.com/Website/News/Details?key=1162879

Iraqi Oil Prices Continue To Decline For The Fifth Consecutive Day

Economy |Today,Baghdad Today - Follow-up   Iraqi oil prices fell today, Friday (October 18, 2024), on the fifth day of trading, after exceeding the $77 per barrel barrier at the end of last week's trading.

According to data reviewed by "Baghdad Today", Basra Heavy crude recorded $69.77 per barrel during today's trading, while the average recorded $72.92 per barrel, with a change rate of -0.37, respectively.

The data also showed a rise in global crude prices, as British Brent crude recorded $74.64, while US West Texas Intermediate crude recorded $70.96 per barrel, by 0.30+ and 0.30+. Source: "Baghdad Today" + websites.   LINK

The Government Intends To Proceed With A New Licensing Round For Iraqi Gas.. What Will It Add?

Posted On 2024-10-18 By Sotaliraq   The government is planning two new rounds of licensing in the energy sector, with the aim of stopping gas flaring and achieving self-sufficiency to operate power plants that are experiencing an increasing need for fuel, in light of the challenges of Iranian gas outages, financial payment problems due to US sanctions, and the increasing demand for energy.

Last August, the Council of Ministers approved the contracts for the fifth and sixth supplementary licensing rounds, amounting to 14 projects for final signing and direct activation.

Member of the Parliamentary Oil and Gas Committee, MP Basem Al-Gharibawi, said, “The coming period will witness a fifth licensing round, most of which will be granted to border oil and gas fields, while the sixth round will focus largely on gas fields.”

Al-Gharibawi added, “There are 15 fields, most of which are in the western region, that have not been referred to any party during the previous two rounds, and thus more than one new round may be held in order to refer them for investment, due to Iraq’s urgent need to invest in gas due to the problems of electricity that depends on Iranian gas, which is cut off due to Tehran’s need for it at times, and at other times due to the inability to pay the debts resulting from the US sanctions imposed on it.”

He explains the reasons for the government’s move towards investing in gas, with “the renewed urgent need for it as a result of the scarcity of Iranian gas during peak times, which prompts the Ministry of Oil to use kerosene fuel oil as an alternative, which created a crisis at gas stations for vehicles,” noting that “the Ministry of Oil is ultimately making efforts to market the remaining gas fields to international companies through the Minister’s travels to the United States and European countries, during which he extended invitations to companies.”

The member of the parliamentary committee continues, “The targeted governorates in the upcoming licensing rounds are the governorates of western Iraq that were not included in the rounds by submitting applications for their fields, so they remain without referral, and efforts during the coming period are focused on the necessity of referring them and investing them in the best possible way.”

The fifth and sixth supplementary rounds were launched in Baghdad between May 11-13, in the presence of Prime Minister Mohammed Shia al-Sudani, where 22 companies from all over the world competed for them, including no American company, while Chinese companies and one Iraqi company won their contracts, with different profit percentages after investment expenses that reached 30 percent.

It is noteworthy that Iraq is distinguished by its location among the most important strategic regions in the global oil and gas industry, due to its important strategic geography and huge reserves of natural resources, which provide it with distinct opportunities for investment and development in this vital sector.

For his part, academic and oil specialist, Govind Sherwani, believes that “what remains of the fifth and sixth licensing rounds are 15 investment opportunities, including 10 gas exploration blocks that were presented by the government delegation that recently visited the United States of America to major American companies,”

 indicating that “the new rounds will focus largely on investing in natural gas, which has not received the attention it deserves for two decades, despite being a huge wealth that is equal to oil in its industrial importance and the fields of energy and fertilizers, and Iraq has a large reserve of it, as the reserve is estimated at 143 trillion cubic feet, and a lot of free gas is still not invested, and the associated gas continues to be burned in the oil fields, which is a wealth estimated at millions of dollars that is being wasted.”

Sherwani criticizes the previous rounds’ focus on “oil, and the lack of interest in gas and its huge reserves, which place Iraq in 13th place in the world, so it continues to burn and waste despite all the efforts of the Ministry of Oil to invest 65 percent of it, and the remaining 35 percent is burned at a time when it should be fully exploited to stop imports from Iran or distant Asian countries,” explaining that “the total investment in gas will make Iraq self-sufficient within four to five years, after which the surplus will be exported to Western European markets, which have been cut off from natural gas, causing its prices to rise three or four times as much as a result of the Russian-Ukrainian war.”

He attributes the delay in referring these oil and gas fields so far to “the fact that they are less attractive than their predecessors, due to the lack of full security of the border areas, in addition to the lack of infrastructure in some of them, such as transportation lines and logistics, or the fact that they are not promising large quantities of gas and oil, because each company receives a bag of information about the investment opportunity to study it before submitting its offers.”

He points out that “the ministry adopted, in the two previous rounds, a new formula for contracting with investors, represented by profit sharing, and not through previously approved service contracts, which may achieve greater profits and benefits for companies in the event of a rise in global oil prices.

Therefore, the ministry’s introduction of this system in the licensing rounds came to strengthen the methods of attracting companies, which led to a local company also obtaining two or three investment areas, which means that some local companies have reached advanced levels in investing in oil projects.”

The academic specializing in oil notes that “the ministry has not yet succeeded in resolving the issue of exporting oil from the Kurdistan Region, despite a year and a half having passed since the suspension, in the absence of technical, financial and administrative solutions with the Ministry of Wealth in the region and foreign companies working in production and transportation, which has led to significant damage exceeding $16 billion so far at a time when it can be invested as a useful outlet for oil with the instability of oil shipments through the Red Sea and Suez to importers in Western Europe and North America.”

“The Turkish port of Ceyhan can be the best option for exporting Iraqi oil to these western regions. Its importance lies in increasing export outlets to Iraq to avoid any crises that may occur in other export regions, which means the continuation of exports with stability and complete security at all times,” he added.

It is noteworthy that Iraq took six years to prepare for the licensing round that was held in the middle of this year 2024 after conducting several workshops for companies and reviewing the type of contracts by changing the percentage of ownership and the companies’ share of the profits from investments in these fields.

Oil Minister Hayan Abdul Ghani had anticipated the licensing round by expecting that the investments in the two licensing rounds would increase by up to three billion cubic feet of gas, contributing to putting an end to the chronic energy problem.

For his part, academic and energy researcher Bilal Khalifa explained that “the delay in not exploiting the fields that were not referred in the fifth and sixth rounds is a loss, because the companies that operate these fields in the previous rounds have begun to extract oil without exporting it from them,” indicating that “two of the six fields, namely Anjana-Khashm Ahmar and Kalabat-Kamar, are gas fields, and Iraq is in great need of gas.”

Khalifa explains that “four of the six fields, which are border fields, are considered oil fields, and their exploitation by investment companies must be accompanied by exports from the fields.

Otherwise, Iraq will pay profitable fees despite not exporting oil if OPEC does not raise Iraq’s share, which amounts to about four million and 400 thousand with the region,” noting that “Iraq signed the licensing contracts in 2009 and now 14 years have passed, and it is supposed to have sufficient experience now in managing the fields with the professionalism of foreign companies.”

He notes that “if it is not possible to allocate funds from the federal general budget, it can resort to borrowing as international oil companies do to avoid the great waste of public money, especially since the Ministry of Oil announced about a month ago the establishment of the Oil Services Company, and it would have been better to put among its first tasks the management and operation of those fields.”

He added, “The Emirati Crescent Company, which recently won three contracts, also has contracts in the region, which violate the constitution, while the Federal Court previously ruled that the government should not deal with any company that has dealings or contracts with the region. As for the Chinese company Geojiad, it is small and unknown,” calling for “dispensing with companies from neighboring countries, because it involves caveats, and replacing them with international companies.”

Khalifa advises that “the Ministry of Oil should take the middle path of expediting the exploitation and operation of these border and gas fields for the reasons explained above, but not with foreign companies, but with national effort, while giving the operating authority for these fields broad powers like the powers of foreign companies and freeing it from the restrictions of instructions and controls.”

He points out that “the recent licensing rounds failed to refer the gas fields, just as they failed to refer the border fields, in light of Iraq’s inability to meet the needs of its power stations for generation,” stressing “the need to limit the upcoming rounds to gas only, otherwise they will be useless. Iraq’s offshore fields should also be included with the Gulf because the parties adjacent to them are exploiting them without benefit to Iraq.”

He points out that “the world is moving towards renewable and clean energy, and estimates say that the use of oil will decrease after 2060, and therefore we need to exploit oil before its value decreases, at a time when Iraq needs more revenues, and its economy is rentier and depends on oil revenues.”

Regarding the negatives of the licensing rounds, he believes that “the current government’s statement in announcing the imminent celebration of the signing of the fifth licensing round contracts is for gas, and it would have been better to pay attention to the fields of the third licensing round, especially the Akkas gas field, whose production is greater than the two gas fields combined, to be an alternative to extending a gas pipeline from Baghdad to Anbar, and the loss would be doubled.”

It is noteworthy that the oil sector’s imports represent more than 94 percent of Iraq’s GDP, which is the second largest country in burning natural gas in the world after Russia, with losses estimated by the government at about six billion dollars annually, as the Sudanese Prime Minister is counting, during the launch of the latest licensing, on the country obtaining about 3,460 million standard cubic feet of gas and more than one million barrels of oil per day, in addition to increasing investments in the targeted governorates.  LINK

Seeds of Wisdom RV and Economic Updates Saturday Morning 10-19-24

Good Morning Dinar Recaps,

CARDANO SET FOR PERFORMANCE BOOST: HOSKINSON BACKS PROPOSAL FOR COMPOSABILITY AND MULTI-TOKEN FEES

▪️Cardano aims to evolve with a developer proposal to address user “Intent.”

▪️Chang Hardfork and other upgrades complement Cardano’s evolution.

Charles Hoskinson, founder of the Cardano blockchain, has pledged support for a recent proposal to elevate the network’s performance. The proposal specifically focuses on introducing a tool to allow users to pay transaction fees with various tokens besides ADA.

Developer Puts Forth Key Cardano Proposal
Earlier this week, core developer Andrew Westberg proposed tackling prolonged issues on the blockchain. This proposal could alter Cardano’s approach to managing transactions and smart contracts. Westberg’s proposal revolves around the concept of intent related to Cardano’s eUTxO (Extended Unspent Transaction Output) model.

The developer explained on GitHub that many blockchain users often submit transactions without fully specifying all the details. He cited an example using market orders, where users do not specify the exact price they are willing to pay for an asset. This leaves the price open for another system to determine.

These incomplete or partial actions, often called “intents,” present challenges, especially in Cardano, which is known for its strict rules and deterministic nature. Unlike Ethereum, where smart contracts can change a transaction’s outcome during confirmation, Cardano’s protocol requires all transaction details to be disclosed upfront.

This approach ensures the predictability and security of the blockchain platform. Westberg, however, noted that it restricts flexibility, particularly in circumstances where non-determinism, the capacity to change transaction details in real-time, is desired.

Westberg proposed developing a system that allows users to express their “intent” to bridge this gap. He also proposed having the network match and fulfill these intents efficiently, whether on-chain or off-chain. This would make the process more flexible and user-friendly while maintaining the security that Cardano is known for.

In an X post, Westberg urged the protocol developers to prioritize the proposal as it gives the community composability and BabelFees.

“It allows the eUTxO model to shine and pack the hell out of transactions with tons of useful work,” Westberg added.

It is important to note that the Babel Fees feature enables users to pay transaction fees using various tokens, not just ADA. In response to Westberg’s post, Hoskinson commented, “Andrew is correct. It’s a long overdue enhancement that will massively improve Cardano.”  

His endorsement emphasizes the importance of the proposed enhancements for the protocol’s future development.

The Focus on Ecosystem Upgrades
Meanwhile, Westberg’s proposal follows several ecosystem developments implemented by  Cardano. For instance, Cardano unveiled new releases to the Hydra scaling solution in April.

CNF reported that the new version supports cardano-node v.8.9.0 and integrates the Conway block format. Hydra, Cardano’s layer 2 scaling solution, aims to increase transaction speed by offering high throughput, low latency, and the lowest costs.

Subsequently, the blockchain unveiled the Ouroboros Leios consensus mechanism and the Chang hard fork upgrade. The Ouroboros Leios upgrade, which was recently launched, helped Cardano enhance transaction efficiency and scalability, as noted by CNF. On the other hand, the Chang hard fork upgrade introduced Cardano to decentralization governance.

Overall, these advancements, including Westberg’s proposal, are anticipated to strengthen Cardano’s position as a leading blockchain platform.

@ Newshounds News™

Source:  Crypto News Flash 

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CRYPTO EVENTS TURN TO REGULATION AND POLITICS AS US ELECTION LOOMS

Some executives at crypto and blockchain firms have suggested prioritizing US congressional races over the presidential election.

With less than a month until the people of the United States decide who will represent them in the House of Representatives, Senate, and the Presidency, some crypto events seem to be focused on regulation and politics.

Attending the Permissionless III conference in Salt Lake City, Utah, and Ripple Swell in Miami, Florida, in October, Cointelegraph noted that many panels included takes from high-level executives on their predictions for what would happen in the November race between Democrat Kamala Harris and Republican Donald Trump for the US presidency, and what the outcome could mean for the industry in 2025.

Whether the topics of discussion initially focused on regulation or included stablecoins or Bitcoin participants suggested that digital assets had become more of a mainstream issue in US politics in 2024 in a way never before seen.

“Every single panel is talking about regulations,” Ripple’s head of US public policy, Lauren Belive, told Cointelegraph at Swell on Oct. 16, adding:

“We’ve seen a much broader swath now of policymakers really interested in the nuances of this technology.”

The crypto industry has made several inroads in 2024 compared to the US midterms in 2022 or the 2020 elections. During Trump’s presidency from 2017 to 2021, he referred to Bitcoin as based on “thin air,” also calling the cryptocurrency a “scam” after leaving office. Both major party candidates have since made statements suggesting they intend to support the industry if elected.

“I do think there’s a frustration and a sense that this is technology, and technology shouldn’t be a political issue — it’s become one in the United States,” Fireblocks head of legal and compliance, Jason Allegrante, told Cointelegraph. “I think that’s why people are now being much more vocal about what the potential impact of this election is.”

Crypto wins regardless of the outcome?

While regulation has always been a concern for many in the industry, the number of lawmakers and policymakers willing to discuss digital assets — including at crypto-focused events — seems to be increasing.

Trump gave a keynote speech at the Bitcoin 2024 conference in Nashville, Tennessee. Several presidential candidates and lawmakers also spoke at the North American Blockchain Summit in 2023, which will resume after the US Election on Nov. 5.

“We’re going to be starting [in 2025] with the most educated Congress we’ve ever had because we have so many first-time candidates who are coming in with positions on crypto,” Blockchain Association CEO Kristin Smith said at a Permissionless panel on Oct. 9.

Coinbase chief policy officer Faryar Shirzad added at a different panel on Oct. 11:

“Regardless of what happens in the elections, we will have a very significantly advanced debate around the crypto issues and a very large cohort of members of the House and the Senate […] who will now come in with brand new pro-crypto voices.”

Prediction platform Polymarket, at the time of publication, put Trump at a 60% chance of winning the US Presidency over Vice President Harris.

The Kalshi marketplace, which began allowing bets on US elections after winning in court against the Commodity Futures Trading Commission, put Republicans’ odds of winning control of the House, Senate, and the Presidency at 42% at the time of publication.

@ Newshounds News™

Source:  CoinTelegraph

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🌱AUDIO WHAT WAS SAID ABOUT NESARA? BANKING TO WHO ARE YOU? GREAT REPLAY IF YOU MISSED THE CALL |  Youtube

YOU MISSED THE CONSTITUTION CALL LAST NIGHT?  You can still hear it here!  Click the Youtube link above!

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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“Tidbits From TNT” Saturday Morning 10-19-2024

TNT:

Tishwash:  Iraq signs gas supply agreement with Turkmenistan

Minister of Electricity, Eng. Ziyad Ali Fadhil, signed an agreement with Turkmen Minister of State for Gas Affairs, Maqsad Babayev, to supply Turkmen gas to power plants in Iraq.

The Minister of Electricity said, according to a statement by his media office: "With the full support of Prime Minister Mohammed Shia al-Sudani, we signed today an important agreement with Turkmenistan to supply 20 million cubic meters of gas per day, which will contribute to the operation of all our gas stations to ensure the national network."

He added: "Turkmen gas will be transported to Iraq via the Iranian pipeline network, according to the swap mechanism in cooperation with the Swiss company (Loxstone Energy)."

He pointed out: "The signing of the agreement was the culmination of intensive technical efforts that extended for more than a year, including multiple meetings and mutual visits, and the signing of a memorandum of understanding last year."  link

Tishwash:  A new law to reform the Iraqi economy.. Will it achieve aspirations? 

The economic system in Iraq faces increasing challenges that require firm legislative measures to reform the current situation and achieve a qualitative shift in the national economy. In this context, a new law is being prepared within the Council of Representatives, which is expected to be voted on in the coming period.

The law, which was referred to the parliamentary economic committee months ago, covers all economic aspects of the country, and several workshops have been organized in cooperation with businessmen, industrial experts and economists to ensure a comprehensive discussion of its provisions and to identify the points that should be focused on in the final amendment of the law.

The committee’s deputy chairman, Yasser Al-Husseini, said: “The law reached the House of Representatives in general and the Economic Committee in particular months ago, and it includes all laws that include the economic aspect.”

He added, “The committee held many workshops at all levels, whether for businessmen or industrial and economic experts,” stressing that “the committee is proceeding with reading this law and working to vote on it during the next phase in cooperation with other specialized committees.”
The figures indicate that the economic sector in Iraq suffers from many challenges, most notably technological obsolescence and dilapidated infrastructure, which makes it urgent to have legislation that encourages various investments and clearly defines the partnership between the public and private sectors.

An important step

 In turn, the expert in economic affairs, Abdul Salam Hassan, said, “This law is an important step on the path to economic reform, but it will not achieve the desired results without including specific provisions that focus on developing the productive sectors, most notably the industrial and agricultural sectors, and reducing dependence on oil revenues as a primary source of national income.”

Hassan added in a statement to “Iraq Observer” that “it is also necessary for the law to include measures that ensure stability in the market and facilitate the investment environment by simplifying the legal and bureaucratic procedures facing investors, in addition to providing real guarantees to protect the rights of investors, whether they are local or foreign.”

Experts also stress the need for the new laws to take into account the establishment of strict control mechanisms to combat financial and administrative corruption, and to ensure a fair distribution of resources between the various sectors and regions of Iraq.

These laws must also include stimulating the private sector to be a strong partner in the development process, by providing tax facilities and granting easy investments, in order to create an encouraging economic environment.  link

************

Tishwash:  After a cautious calm... a sudden state of alert was imposed in "Ain al-Assad" in Anbar

Ain al-Assad Air Base, where US forces are stationed, entered a state of sudden alert today, Friday (October 18, 2024), with intensive helicopter flights in the skies of the base. 

An informed source told Baghdad Today, "This afternoon, Ain al-Assad Air Base in Anbar Governorate witnessed the sudden imposition of strict security measures, with intensive flying of helicopters in the skies of the base," stressing that "these measures included the western, northern and southern parts of the base, where the security towers were observed on alert."

He added, "The reasons for this sudden mobilization are not precisely known, but the announcement of Sinwar's martyrdom may be one of the possible reasons for this mobilization, but the matter remains not precisely confirmed," ruling out that "it is within a training framework."

The source explained that "such measures are usually taken based on directives from senior leadership, whether in Washington or the main headquarters in the Arabian Gulf," noting that "sudden alerts come when something is expected to happen."

On the 10th of this month, an informed source reported that the Ain al-Assad base suddenly abandoned the state of maximum alert without prior warning, indicating that the situation is very normal and that the motives behind these changes are not known, but they may be a plan or based on an order from Washington to remove the danger. link

Mot:  Why is it called beauty sleep when you wake up looking like a troll

Mot:  me too ""Earl"" - Me too!! – siigghhhhh  

Seeds of Wisdom RV and Economic Updates Friday Afternoon 10-18-24

Good Afternoon Dinar Recaps,

XRP LEDGER DDOS ATTACK: MAGNETIC X DEFIES HACKERS, BOOSTS SECURITY

▪️Magnetic X successfully fended off a DDoS attack.

▪️The exchange faced a similar attack in January.

▪️Magnetic X remains committed to providing decentralized trading services on the XRP Ledger.

Magnetic X, a rapidly growing decentralized exchange on the XRP Ledger, recently stopped a major distributed denial of service (DDoS) attack. The attack aimed to overwhelm the platform with traffic and disrupt its services, but the development team acted swiftly to protect the exchange.

The attackers demanded a ransom of several thousand Tether (USDT), but the Magnetic X team refused to comply. Instead of negotiating, they chose to boost the platform’s security to prevent further issues.

Let’s dive into the details of this epic showdown!

Magnetic X Refuses to Pay
The team quickly increased server capacity to handle the surge in traffic, ensuring the platform could manage millions of requests without any loss of user data.

Thanks to this rapid response, services were restored quickly. The exchange reassured users that it is now fully secure and recommended clearing browser cookies to fix any remaining issues.

This wasn’t the first time Magnetic X faced a DDoS attack. In January, a similar incident on the XRP Ledger saw millions of records flooding the nodes, which affected the functioning of the ledger’s historical transaction records.

Standing Strong Despite the Challenges
Despite these setbacks, Magnetic X has remained strong, continuing to provide decentralized trading, automated market maker (AMM) pools, and yield farming. The quick response to the latest attack demonstrates the exchange’s dedication to security and reliable service.

With its upgraded infrastructure, Magnetic X aims to stay at the forefront of decentralized applications (dApps) on the XRP Ledger, setting high standards for security and stability in the decentralized finance space.  Security, stability, and service. That’s Magnetic X.

@ Newshounds News™

Source:  CoinPedia

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SINGAPORE'S BIGGEST BANK DBS INTRODUCES 'TOKEN SERVICES' TO ENABLE BLOCKCHAIN-BASED BANKING

▪️DBS Bank said that its new suite of products will help institutional clients optimize liquidity management and streamline operational workflows.

▪️“DBS Token Services” integrates tokenization and smart contract-enabled capabilities with the bank’s existing banking services.

DBS Bank, the largest bank in Singapore by assets, has rolled out a suite of new services dubbed “DBS Token Services” as the bank continues to develop blockchain-based options for institutional clients. In a statement shared with The Block, DBS said that the new banking products integrated tokenization and smart contract-enabled capabilities with its existing banking services.

The DBS Token Services integrated the bank’s Ethereum Virtual Machine-compatible permissioned blockchain, its core payment engine and multiple industry payment infrastructures, according to the statement. Also, smart contracts enable programmability for institutions to govern the use of funds.

Specifically, the new services include Treasury Tokens, Conditional Payments, and Programmable Rewards.

Lim Soon Chong, group head of global transaction services at DBS Bank, said that DBS Token Services enables companies and public sector entities to “optimize liquidity management, streamline operational workflows, strengthen business resilience, and unlock new opportunities for end-customer or end-user engagement.”

DBS introduced Treasury Tokens in August in partnership with Ant International, allowing multinational corporations to settle multi-currency intra-group transactions around the clock.

DBS also intends to explore further applications of Conditional Payments, designed to improve payment workflows. Another feature, called Programmable Rewards, allows institutions to curate digital voucher programs.

“Using a permissioned blockchain provides DBS full control over these services, enabling the bank to harness the benefits of blockchain technology while adhering to compliance standards,” the bank said.

@ Newshounds News™

Source:  The Block

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CONSTITUTION FRIDAY NIGHTS CALL  |  Youtube

Jim is part of the team that has researched the history of our Constitution over the last decade plus years and is a working member of the  Washington Assembly in Washington, a state of the Union of States that we know as America. 

He will answer any questions you have about how we lost our rights and why our government does not follow the Constitution as our founders laid out for us in our original Constitution of 1776.

If you have not heard of your Strawman accounts, how you lost your rights with your Birth Certificate, and how you are really a British citizen, then you need to join us on these calls and start asking questions. 

He will even let you know how you can correct these atrocities. You can start by listening to previous calls on our youtube channel below under the video topic labeled The Constitution. We have been lied to our whole lives by our government.  So come join us tonight and learn the truth about our real history.

Join us tonight at   5 PM PT  -   7 PM CT  -   8 PM ET   in the Constitution Room on Telegram

You can download the Telegram APP here:  https://telegram.org/

@ Newshounds News™  

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Reset Coming: New One-World System to Revalue Gold to $150k, Is BRICS the Trigger? Andy Schectman

Reset Coming: New One-World System to Revalue Gold to $150k, Is BRICS the Trigger? Andy Schectman

Kitco News:  10-17-2024

Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Andy Schectman, President and Owner of Miles Franklin Precious Metals, who says the world is bracing for a reset, with a new system potentially revaluing gold to $150,000 an ounce.

Schectman breaks down what to expect from the upcoming 16th annual BRICS summit being held in Kazan, Russia, on October 22-24. He explains reports around the new common currency known as the ‘Unit’ and elaborates how Project mBridge fits in.

Schectman talks about the future of the U.S. dollar, the accelerating de-dollarization trend, U.S. response, and the inevitability of central bank digital currencies (CBDCs). He also shares his view on gold in this new one-world system that he forecasts.

00:00 Coming Up

02:08 Introduction: BRICS Summit

 04:21 De-dollarization and Gold Accumulation

07:42 Central Bank Gold Repatriation

11:04 Project mBridge and the ‘Unit’

13:46 BRICS Expansion

23:21 Common Currency

41:33 CBDC, Future of Currencies

 53:49 US Response

58:25 Fiscal Irresponsibility

59:12 Decline of the Dollar’s Purchasing Power

 01:02:58 Global Economic Shifts and BRICS

01:10:05 Role of Gold in a New Economic System

 01:13:26 Speculations on Gold Revaluation

 01:18:47 Future of the Dollar

https://www.youtube.com/watch?v=-K6tTaqPXXk

Iraq Economic News and Points To Ponder Friday AM 10-18-24

Its Currency Is “BRICS”... Government Advisor: A Global Monetary And Financial System Is About To Be Born 
 
Economy ​ 10-16-2024, 19:05 |Baghdad Today – Baghdad  The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Wednesday (October 16, 2024), that a monetary and financial system for payments that enjoys international acceptance and credibility is “imminently born.”
 
Saleh said in a press statement, regarding his expectations for the outcomes of the upcoming BRICS summit in Kazan, Russia, that “a monetary and payments system is imminent and enjoys international acceptance and credibility, and  the new monetary situation must impose an official character in the arrangements for Special Drawing Rights (i.e., a currency). International Monetary Fund (IMF), that is, the BRICS currency has a high weight in the weights of world currencies, according to which the International Monetary Fund deals with the stability of the exchange rate and the strength of the new international currency (BRICS currency).”

He added:   “The Kazan summit must come out with an official announcement about the new international reserve currency called the BRICS currency,  which will undoubtedly represent an economic force for approximately
 
     40% of the world’s population, and represents about
     30% of the size of the global gross domestic product, especially since The
     five countries contribute significantly to the global economy, representing approximately
     25% of the global GDP alone.”

 He pointed out that  "China and India are considered two main drivers of this growth, with
their economic power increasing significantly in the past two decades until the present time, and there is no doubt that half of the global trade is controlled by the group." Saleh added: “With this, the
 
BRICS group seeks to
 
     reshape the global economic system in line with its interests, and
     challenge the traditional dominance of Western countries in international economic institutions, especially the
     establishment of its own financial institutions such as the New Development Bank.”
 
Russia holds the rotating presidency of the BRICS bloc this year, under the slogan “Strengthening multilateralism for equitable global development and security.”
 
Since assuming the presidency of the group, Russia has organized more than 200 political, economic and social events, and the main event will be the BRICS summit with the participation of a number of heads of state, which will be held in Kazan from October 22 to 24.
 
The BRICS group is a joint association between several countries that was created in 2006 by Brazil, Russia, India, and China, and later in 2011, South Africa joined it.
 
Since the beginning of 2024, Egypt, Ethiopia, Iran, the UAE and Saudi Arabia have joined BRICS.   
 
https://baghdadtoday.news/260116-عملته-بريكس.-مستشار-حكومي-نظام-نقدي-ومالي-عالمي-على-وشك-الولادة.html   

Central Bank Of Iraq’s External Remittances Surge
 
 Iraq October 17, 2024  The Central Bank of Iraq. Photo: INA  Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) plays a crucial role in managing remittances and foreign currency transactions within the country.
 
The remittance environment has seen notable advances and changes in recent times, which may be attributed to governmental actions and wider economic factors.
 
Through its currency auction, the CBI claimed a 91 percent rise in overseas remittances in March 2024.
 
The bank sold almost $213.4 million at this peak in a single auction, with the majority of the proceeds going for documentary credits and remittances.
 
For documentary credits, the exchange rate was established at 1305 Iraqi dinars per US dollar, while for cash transactions, it was 1310 Iraqi dinars per US dollar.
 
The efficacy of the CBI’s monetary policies in stabilizing the Iraqi dinar and promoting foreign exchange flows is demonstrated by this growth.
 
Additionally, the CBI has taken action to stop money laundering through the remittance network.
 
The implementation of an electronic foreign remittance platform has been crucial in identifying genuine beneficiaries of transactions, thus reducing avenues for criminal operations, as stated by the CBI Governor, Ali Al-Alaq.
 
This platform is part of a larger plan to improve international standards compliance and financial transparency.
 
Some Iraqi banks have lowered their external remittance charges to 0.5 percent in order to improve the remittance process.
 
This is in accordance with CBI regulations that seek to increase the accessibility of foreign currency services.
 
It is anticipated that this decrease would motivate more people and companies to use official channels for their remittance requirements.
 
The CBI’s recent remittance measures are part of a larger attempt to expand access to financial services for all individuals, increase regulatory compliance, and stabilize the economy.   
 
https://www.iraqinews.com/iraq/central-bank-of-iraqs-external-remittances-surge/   

Al-Sudani Stresses The Importance Of Banking Reform By Enhancing Citizen Confidence And Cooperation With Investors
 
 2024-10-17 | 203 views  Alsumaria News – Economy   Today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani stressed the importance of banking reform in enhancing citizen confidence and cooperation with local and foreign investors.
 
said Office The Prime Minister's in a statement received by Al-Sumaria News,
 
"Al-Sudani chaired a special meeting on efforts related to developing the work of the government banking sector, in the presence of representatives of Ernst & Young for auditing and financial consulting." The office added,
 
 “During the meeting, a package of recommendations was presented by the company to proceed with the reform of the Rafidain Bank, which included the new legal status of the Rafidain Bank, its capital, its business strategy, and the new consultant who will work with the bank to meet the global requirements of modern banking, as
 
these recommendations will be presented to Council the Ministerial.”
 
The economy will then submit it to the Council of Ministers for approval.” According to the statement, Al-Sudani explained that
 
 “the issue of structuring Rafidain Bank is the first of the government’s banking reforms, which was given special attention to follow up on all its reports, submitted by the concerned authorities, especially from the committee concerned with the structuring process.” The Prime Minister stressed
 
"the importance of the banking sector reform project, which began with Rafidain Bank," noting
 
"work to provide a bank with specifications and standards through which problems can be overcome and confidence given to citizens, in addition to enhancing cooperation with local and foreign investors."   
 
https://www.alsumaria.tv/news/economy/503508/السوداني-يؤكد-أهمية-الإصلاح-المصرفي-بتعزيز-ثقة-المواطن-والتعاون-مع-الم   

A Specialized Course In The Work Of Exchange And Brokerage Companies (A, B, C)

 October 17, 2024    Reference to the circulars of the Directorate of Supervision of Non-Banking Financial Institutions in Nos. 3/3/33 and 15/3/33 dated 1/21 and 3/13/2024 to oblige all licensed exchange companies under categories (A, B) and brokerage companies under category (C) Buying and selling foreign currencies, all approved by obtaining a specialized certificate in the work of their companies ... for more uncles and a list of names of candidates       Please notify your candidates whose names are listed above       https://cbi.iq/news/view/2693   

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Seeds of Wisdom RV and Economic Updates Friday Morning 10-18-24

Good Morning Dinar Recaps,

RIPPLE NEWS: SEC’S FORM C FILING SPARKS BACKDATING CONTROVERSY; HERE’S THE TRUTH

Today, the SEC shared specific details about its appeal regarding the Ripple XRP lawsuit. For the past two weeks, it was clear the SEC intended to appeal, and they have now filed a Form C to outline their arguments.

What the SEC is Appealing
The SEC is focusing on Ripple’s programmatic sales of XRP on digital asset trading platforms. They are also bringing Ripple executives Brad Garlinghouse and Chris Larsen back into the case, alleging that they aided and abetted these sales.

However, it’s important to note that the SEC is not appealing the court’s ruling that XRP is not a security, nor are they contesting the $125 million monetary penalty imposed on Ripple.

The fact that the SEC isn’t appealing the classification of XRP as a non-security is seen as a positive development for the market. However, there are still challenges ahead for Ripple and its executives.

Market Reaction and Legal Concerns
Following the SEC’s filing, some pro-XRP lawyers expressed concerns on social media, claiming that the SEC backdated their filing. They raised questions about the timing and ethics of the filing.

However, former SEC lawyer Marc Fagel pointed out that the SEC downloaded supporting documents just before submitting the filing, which raises suspicions about whether they were fully aware of their obligations.

Attorney Bill Morgan questioned the reasoning behind waiting a day to submit the documents and suggested that if they prepared the filing on the 17th but dated it the 16th, it could indicate ethical issues. Marc agreed, questioning why they would download the documents on the 16th and delay submitting them. While there could be a filing error, there’s currently no evidence to support that theory.

Marc replied and said, “Backdating is bad. I don’t think anyone would disagree (I spent several years at the SEC on backdated stock option cases). But we can speculate all sorts of things which would be bad without benefit of evidence.”

@ Newshounds News™

Source:  CoinPedia and Form C

~~~~~~~~~

BRICS ADVANCES PLANS FOR ‘MULTICURRENCY SYSTEM,’ AIMING TO DETHRONE US DOLLAR

▪️Russia is proposing the use of multicurrency payments in BRICS to minimize the dependence upon the US dollar.

▪️Russia proposes using blockchain to minimize expenses and dependence on the conventional banking sector.

Russia has called on BRICS nations to establish a new cross-border payments network as part of a broader strategy to reduce dependency on the global financial system, including SWIFT. The proposal is to enhance the economic relations within the bloc and to promote intra-bloc dealings in local currencies.

This comes in the wake of several actions taken by the US and its allies, including closing major Russian banks from the Society for World Interbank Financial Telecommunication (SWIFT) and seizing Russia’s foreign assets. It is worth noting that Russia has been subjected to several severe sanctions since it launched the operation in Ukraine in February 2022.

BRICS Multicurrency System Proposal

The Russian Finance Ministry, the Bank of Russia and the Moscow-based Yakov & Partners have submitted a report on the ‘multicurrency system’. The proposed system would shield the BRICS countries from outside threats, including sanctions that have extraterritorial jurisdiction.

The report stresses that US foreign policy is not always congruent with other countries’ interests, and this is why the country needs financial independence.

The network would rely on a group of banks with international capabilities that would be able to operate in the local currencies of the BRICS countries. Further, it has been suggested that the BRICS member central banks should establish direct links to minimize the impacts of external financial pressures.

The plan also includes the establishment of new trading platforms for major goods, including oil, gas, grains, and gold, to boost trade within the BRICS countries. These measures are considered to be a broader plan for decreasing the use of the U.S. dollar in international transactions.

BRICS Members Prepare for Upcoming Summit in Kazan
While Russia has been trying to decrease its exposure to the US dollar, other members of the BRICS have remained connected to the dollar-dominated financial system. According to the Brookings Institution, the USD was used in 58% of cross-border transactions that did not involve the euro in 2022, and 54% of trade finance instruments were denominated in USD.

The release of Russia’s report comes amid preparation for the BRICS summit scheduled to take place in Kazan from the 22nd to the 24th of October. The summit will be led by President Vladimir Putin after the recent addition of Iran, the United Arab Emirates, Ethiopia, and Egypt into the bloc.

Russia also suggested in the report that DLT could further improve cross-border payments within the BRICS framework. The system would use tokens for settlements and be a multinational platform. The report notes that the major advantage of DLT is the ability to reduce credit risk.

In addition, the use of DLT can also decrease the time and the costs in the process since there are no need for correspondent banks and do compliance checks. The authors estimate that if BRICS countries use this system for half of their cross-border transactions, the total annual cost could be reduced by $15 billion.

@ Newshounds News™

Source:  Crypto News Flash

  ~~~~~~~~~

🌍CONSTITUTION FRIDAY NIGHTS CALL  |  Youtube

Jim is part of the team that has researched the history of our Constitution over the last decade plus years and is a working member of the  Washington Assembly in Washington, a state of the Union of States that we know as America. 

He will answer any questions you have about how we lost our rights and why our government does not follow the Constitution as our founders laid out for us in our original Constitution of 1776.

If you have not heard of your Strawman accounts, how you lost your rights with your Birth Certificate, and how you are really a British citizen, then you need to join us on these calls and start asking questions.  He will even let you know how you can correct these atrocities. You can start by listening to previous calls on our youtube channel below under the video topic labeled The Constitution.

We have been lied to our whole lives by our government.  So come join us tonight and learn the truth about our real history.

Join us tonight at   5 PM PT  -   7 PM CT  -   8 PM ET   in the Constitution Room on Telegram

You can download the Telegram APP here:  https://telegram.org/

@ Newshounds News™  

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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“Tidbits From TNT” Friday Morning 10-18-2024

TNT:

Tishwash:  Al-Sudani to Lukoil delegation: The government attaches great importance to developing oil industries and production capacities

Prime Minister Mohammed Shia al-Sudani stressed, on Thursday, that the government attaches great importance to developing the oil industries and Iraqi production capabilities.

A statement from his office received by Al-Mirbad stated that "Prime Minister Mohammed Shia al-Sudani received a delegation from the Russian oil company Lukoil, where they reviewed the progress of cooperation with the company and the executive work it is undertaking in Iraq."

The statement added that "the Prime Minister listened to a briefing on the company's work in the West Qurna 2 and Orido oil fields, and the progress of implementation."

The Prime Minister stressed - according to the statement - that "the government attaches great importance to the issue of developing the oil industries and Iraqi production capabilities, and a priority in implementing development projects; in order to maximize revenues, especially in the field of transitioning to the production of various petroleum and petrochemical derivatives, based on a broad and strong infrastructure for the oil sector, especially in the field of extraction."  link

************

Tishwash:  Government advisor identifies 4 directions to revitalize the private sector in Iraq

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed Iraq’s ability to activate the private sector through development funds.

Saleh told Al Furat News Agency: “The funds allocated to development funds can be greatly utilized to stimulate the private sector in Iraq, especially in light of major projects such as the Grand Faw Port and the Development Road.”

He said, "These projects represent strategic opportunities to stimulate economic growth and attract investments, and they also contribute to improving infrastructure and making Iraq an important center for maritime and land trade in the region."

Saleh pointed out that development funds can direct part of their investments to:

1 - Infrastructure supporting the private sector: through financing road, railway, port and airport projects, which contribute to improving the business environment and facilitating transportation and shipping operations.

2- Financing small and medium enterprises: Encouraging the growth of these projects through financial facilities such as soft loans or providing guarantees, which contributes to creating job opportunities and improving the local economy.

3- Investing in technology and innovation: Supporting the development of the private sector’s technical capabilities by financing research and development and encouraging companies to adopt new technologies that improve productivity and efficiency.

4- Developing the logistics sector: Providing financial support for logistics projects that contribute to supporting the port of Faw and linking Iraq to regional and international markets.

5- Stimulating the industrial sector: Allocating funds to develop national industries, especially those related to energy, manufacturing industries, and petrochemicals, to expand the local production base and enhance its competitiveness in global markets, noting the importance of the five industrial cities and economic zones proposed to be established on the path of development and their role in this regard. 

The Prime Minister's Advisor stressed that "thanks to these initiatives, Iraq will be able to revitalize the private sector and make it a major partner in economic development and achieve maximum benefit from its strategic geographical location."  link

************

Al-Sudani chairs a meeting to follow up on efforts to develop the work of the government banking sector

 Prime Minister Mohammed Shia Al-Sudani chaired a meeting to follow up on efforts to develop the work of the government banking sector, in the presence of representatives of Ernst & Young Auditing and Financial Consulting. 

more details

Prime Minister Mohammed Shia Al-Sudani chaired a meeting on Thursday on efforts to develop the work of the government banking sector, in the presence of representatives of Ernst & Young for Auditing and Financial Consulting.

A statement issued by Al-Sudani's media office stated that during the meeting, a package of recommendations was presented by the company to proceed with the reform of Rafidain Bank, which included the new legal status of Rafidain Bank, its capital, its work strategy, and the new consultant who will work with the bank to meet the global requirements for modern banking.

The statement explained that these recommendations will be submitted to the Ministerial Council for the Economy, which will then submit them to the Council of Ministers for approval.

The statement quoted Al-Sudani as saying that the issue of restructuring Rafidain Bank is the first step in the government’s banking reforms, which have been given special attention to follow up on all reports related to it, submitted by the relevant authorities, especially the committee concerned with the restructuring process.

The Prime Minister stressed the importance of the banking sector reform project, which began with Rafidain Bank, pointing out the work to provide a bank with specifications and standards through which problems can be overcome and confidence can be given to citizens, in addition to enhancing cooperation with local and foreign investors.   limkn

Mot....... Why - I Say!! -- Why!!!  

Mot:  ...... Friday it is

Iraq Economic News and Points To Ponder Thursday Evening 10-17-24

Parliamentary Economic Committee Expects To Vote On Economic Reform Law Soon

Buratha News Agency1392024-10-17  The Parliamentary Committee on Economy, Industry and Trade expected the vote on the economic reform law to be held in the coming few days, as the committee’s deputy chairman, Yasser Al-Husseini, stated that “the law reached the House of Representatives in general and the Economy Committee in particular months ago, and it includes all laws that include the economic aspect,” according to the official Al-Sabah newspaper.

He added, "The committee held many workshops at all levels, whether for businessmen or industrial and economic experts," stressing that "the committee is proceeding with reading this law and working to vote on it during the next stage in cooperation with other specialized committees."

Al-Hussaini explained that "there are comments, whether from the representatives or from the experts, and they will be included in a paper prepared alongside the law," noting that "the committee is determined to vote on it with the available capabilities because it sees it as important in this law, which can bring about major reform in the economic reality of the country."

He also stressed the "importance of the Industrial Investment Law for the public and private sectors, to accurately diagnose this partnership," indicating that "the contracts concluded in accordance with this law will be beneficial and profitable for both parties, unlike some contracts whose negatives outweigh their positives in the industrial sector, and which oblige the state to long-term, impossible conditions."

He added that "the committee is proceeding with voting on the industrial investment law, which is no less important than other laws, despite some objections that have prevented voting on it so far," stressing that "the final stage of voting has been reached after consensus was reached between the political blocs objecting to its wording."   https://burathanews.com/arabic/economic/451753

Starting From Rafidain Bank.. Al-Sudani Stresses The Importance Of The Banking Sector Reform Project

Banks  Economy News – Baghdad  Prime Minister Mohammed Shia Al-Sudani stressed the importance of banking reform in enhancing citizen confidence and cooperation with local and foreign investors.

The Prime Minister's media office stated in a statement received by "Al-Eqtisad News" that "Al-Sudani chaired a special meeting on efforts related to developing the work of the government banking sector, in the presence of representatives of Ernst & Young for auditing and financial consulting."

During the meeting, "a package of recommendations was presented by the company to proceed with the reform of Rafidain Bank, which included the new legal status of Rafidain Bank, its capital, its work strategy, and the new consultant who will work with the bank to meet the global requirements for modern banking. These recommendations will be presented to the Ministerial Council for the Economy, which will then submit them to the Council of Ministers for approval."

He explained that "the subject of restructuring Rafidain Bank is the first step in the government's banking reforms, which have been given special attention to follow up on all reports related to it, submitted by the relevant authorities, especially by the committee concerned with the restructuring process."

The Prime Minister stressed "the importance of the banking sector reform project, which began with Rafidain Bank, pointing out the work to provide a bank with specifications and standards through which problems can be overcome and confidence given to citizens, in addition to enhancing cooperation with local and foreign investors."  https://economy-news.net/content.php?id=48839

Oil Prices Stabilize Amid Expectations Of Slowing Demand And Easing Supply Concerns

Thursday 17 October 2024 00:09 | EconomicNumber of readings: 336

Baghdad / NINA / Oil prices stabilized on Wednesday near their lowest levels in two weeks after falling by seven percent over the past three days, driven by expectations of a slowdown in global demand for crude.

Brent crude futures recorded a slight decrease of three cents to settle at $ 74.22 a barrel, while US West Texas Intermediate crude futures fell by 0.3%, falling 19 cents and settling at $ 70.39 a barrel.

Crude prices have witnessed a successive decline over the past two days, closing at their lowest levels since October 2, due to weak expectations for oil demand.

On the global demand front, OPEC and the International Energy Agency lowered their expectations for global oil demand growth in 2024, with experts attributing this reduction to weak demand from China, which is a major factor in these expectations. / https://ninanews.com/Website/News/Details?key=1162661

Iraq Stock Exchange: Trading Exceeds 18 Billion Dinars In October Week

10/17/2024  Mawazine News – Economy  The Iraq Stock Exchange announced today, Thursday, that shares worth more than 18 billion dinars were traded during five sessions this week, which is the third week of October.

According to market indicators, the number of shares traded during this week exceeded 19 billion shares, with a financial value exceeding 18 billion dinars.

The ISX60 market trading index closed at 970.86 points in the first session of the week, while it closed at the end of the week at 988.86 points, achieving an increase of 2.80% over its closing at the beginning of the week.

The ISX15 market trading index also closed at 1060.47 points in the first session of the week, to end the week at 1074.75 points, achieving an increase of 1.33% over its closing at the beginning of the week.

During the week, 4783 buy and sell contracts were executed on the shares of companies listed on the market, reflecting a noticeable activity in  trading. https://www.mawazin.net/Details.aspx?jimare=256036

Central Bank Sells Over $269 Million In Auction Today

Banks  Economy News – Baghdad  The Central Bank of Iraq announced today, Thursday, its sales of hard currency, which amounted to more than 269 million dollars in today's transactions, according to the official price of 1310.

The bank's data showed that the total internal cash withdrawals amounted to $8,850,000, while the total amounts of transfers abroad, including remittances and credits, amounted to $260,460,587, while the total sales amounted to $269,310,587.  https://economy-news.net/content.php?id=48844

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Seeds of Wisdom RV and Economic Updates Thursday Evening 10-17-24

Good Evening Dinar Recaps,

IRELAND DRAFTING URGENT CRYPTO LAWS BEFORE EU MONEY-LAUNDERING RULES

Ireland is preparing to draft “urgent” cryptocurrency regulations ahead of upcoming European Union Anti-Money Laundering and terror financing standards.

Ireland’s Finance Minister, Jack Chambers, told the cabinet that urgent legislation would be drafted to update crypto regulations before the EU laws take effect on Dec. 30, the Irish Examiner reported on Oct. 16.

No details were shared about the new crypto legislation or when it might come into force.

The EU’s “Anti-Money Laundering and Countering the Financing of Terrorism Act” will enhance the powers of financial intelligence units, enabling them to suspend transactions.

It will also impose stricter reporting requirements for crypto exchanges and a 10,000 euro ($10,850) limit on cash payments. There will be more stringent monitoring of large transactions and new reporting requirements for high-value transactions.

The legislative framework covers a range of areas posing risks, including crypto assets and crowdfunding. It also “complements other regulations such as Markets in Crypto-Assets Regulation (MiCA),” the European Commission noted earlier.

In September, Derville Rowland, deputy governor of the Central Bank of Ireland, said that the country aims to stay at the forefront of safe innovation through MiCA.

She said that crypto regulations were essential for Europe to become a global leader in adapting and adopting new technologies.

The EU’s MiCA regulations — separate from its AML/CFT act — came into effect in June 2023.

“It is important that Ireland, as a small, open economy with a thriving financial services industry, is an active participant in preventing its financial system from being used for money laundering and terrorist financing purposes,” said the Central Bank of Ireland.

As of July, the Central Bank of Ireland had approved 15 virtual asset service providers. These included Gemini, Ripple, Paysafe, MoonPay and Coinbase, which agreed to delist non-compliant stablecoins from its European platform.

@ Newshounds News™

Source:  CoinTelegraph 

~~~~~~~~~

XLM NEWS: PAXOS ANNOUNCES STELLAR NETWORK INTEGRATION TO DRIVE STABLECOIN ADOPTION

▪️Paxos’ integration with the Stellar network aims to accelerate institutional adoption of stablecoins, enhancing global access to digital dollars.

▪️The partnership highlights Paxos’ focus on regulatory compliance and trust, positioning both companies to drive stablecoin adoption in global financial markets.

Paxos, known for its highly regulated tokenization platform, continues to build trust and credibility by complying with financial regulations in every region it operates.

 Following a recent CNF update on leading stablecoin issuers embracing an international set of stablecoin standards, Paxos announced its integration with the Stellar network at the Meridian 2024 conference, marking a significant step in expanding its tokenization platform.

Stellar is a well-regarded open-source blockchain used for payments and remittances. In a press release, Paxos CEO and Co-Founder Charles Cascarilla stressed:

We are excited to partner with Stellar to make trustworthy stablecoins more accessible to global institutions. Stablecoins will revolutionize the global financial system and open access to people around the world. This collaboration will accelerate the adoption of stablecoins by users worldwide.

This partnership is expected to facilitate institutional adoption of stablecoins, which are issued by properly regulated institutions. As stablecoins gain traction, they are becoming crucial for enterprises and institutions looking to engage with more open and secure digital economies.

The collaboration with Stellar highlights Paxos’ commitment to ensuring its tokenized assets meet global financial regulations and enhance stablecoin accessibility.

Paxos CEO and Co-Founder Charles Cascarilla expressed excitement about the partnership, stating that stablecoins are poised to revolutionize the global financial system.

By making stablecoins more accessible through Stellar’s low-cost and high-speed infrastructure, Paxos aims to accelerate institutional adoption of digital dollars globally.

Stellar’s CEO, Denelle Dixon, emphasized the importance of Paxos as a regulated financial institution in advancing tokenized assets on the Stellar network, praising its ability to foster trust and credibility.

Paxos’ Regulatory Strength and Global Partnerships
With a strong focus on regulated offerings, Paxos supports global enterprises and institutions, including major partners like PayPal, Mastercard, and Nubank.

The company’s infrastructure enables these partners to tokenize, custody, and trade digital assets seamlessly, contributing to a more efficient global financial system.

By late 2024, Paxos plans to bring assets to the Stellar network, further strengthening its position in the digital economy. Paxos’ commitment to trust and transparency, along with its regulatory credentials, underscores its role as a leader in blockchain-based financial infrastructure.

@ Newshounds News™

Source:  Crypto News Flash   

~~~~~~~~~

CHEVRON OVERTURN UNLIKELY TO IMPACT SEC'S CONDUCT — RIPPLE CLO

In 2023 alone, the Securities and Exchange Commission filed over 20 lawsuits against firms and individuals in the crypto industry.

Ripple’s chief legal officer, Stuart Alderoty, believes that the June 2024 overturn of Chevron USA Inc. vs. Natural Resources Defense Council by the United States Supreme Court will have little impact on the Securities and Exchange Commission’s (SEC) strategy of pursuing crypto compliance through enforcement.

In an interview with Cointelegraph’s Turner Wright, Alderoty stressed that only a leadership change would cause a shift in SEC posturing.

“I think under this leadership, the SEC has done tremendous institutional damage to what was once a very well-respected agency,” the Ripple CLO said.

Alderoty also stated that the SEC’s continued litigation against the crypto industry — including the recent appeal in the Ripple lawsuit — was deliberate and meant to create maximum confusion among industry participants:

"This SEC, under this leadership, I don't think they much care if they're right or wrong as a matter of law. I think their goal is through a massive wave of enforcement actions — and now on appeal — to keep a cloud of legal uncertainty over the industry."

“I think ultimately they will be proven wrong again. I don’t think they’re bothered by that,” Alderoty said, before characterizing the SEC’s aggressive stance toward the crypto sector as “Very disturbing.”

Loper Bright vs. Raimondo — overturning 40 years of precedent
The 40-year precedent set by the Chevron case in 1984 was overturned by the United States Supreme Court in the Loper Bright Enterprises v. Raimondo case on June 28, 2024.

The 1984 decision paved the way for courts to defer to regulatory agencies and their internal — often arbitrary — methods of policy enforcement.

For the nascent crypto industry, this meant that startups faced prohibitive regulatory demands from multiple government regulators that choked off innovation and discouraged investment, especially from institutional firms.

In July 2024, Uniswap Labs cited the Chevron overturn as an argument against the SEC’s proposed expansion of what legally qualifies as an “exchange” under the Exchange Act of 1934 — a regulatory change that would bring decentralized finance projects under the purview of the SEC.

@ Newshounds News™

Source:  CoinTelegraph 

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🌱 SILVER VS GOLD AND WHAT ABOUT COPPER? | Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Some “Iraq News” Posted by Clare at KTFA 10-17-2024

KTFA:

Clare:  BRICS currency.. Government advisor: A global monetary and financial system is about to be born

10/16/2024 Baghdad

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Wednesday, October 16, 2024, that a monetary and financial system for payments that enjoys international acceptance and credibility is “imminent.”

Saleh said in a press statement, regarding his expectations for the outcomes of the upcoming BRICS summit in Kazan, Russia, that “a monetary system and a payment system are imminent and will enjoy international acceptance and credibility.

” The new monetary situation must impose an official character in the arrangements of special drawing rights (ie the currency of the International Monetary Fund), meaning that the BRICS currency will have a high weight in the weights of global currencies under which the International Monetary Fund deals in terms of the stability of the exchange rate and the strength of the new international currency (the BRICS currency).”

He added: "The Kazan Summit must come out with an official announcement of the new international reserve currency called the BRICS currency, which will undoubtedly represent an economic force for nearly 40% of the world's population, and represent about 30% of the global GDP , especially since the five countries contribute significantly to the global economy, as they represent nearly 25% of the global GDP alone.”

He pointed out that "China and India are considered the main drivers of this growth, with their economic power increasing significantly in the past two decades and up until now, and without a doubt, half of global trade is controlled by the group."

Saleh added: “Thus, the BRICS group seeks to reshape the global economic system in line with its interests, and challenge the traditional dominance of Western countries in international economic institutions, especially by establishing its own financial institutions such as the New Development Bank.”

Russia holds the rotating presidency of the BRICS bloc this year, under the slogan “Strengthening multilateralism for equitable global development and security.”

Since assuming the presidency of the group, Russia has organized more than 200 political, economic and social events, and the main event will be the BRICS summit with the participation of a number of heads of state, which will be held in Kazan from October 22 to 24.

The BRICS group is a joint association of several countries that was created in 2006 by Brazil, Russia, India, and China, and later in 2011, South Africa joined it.

Since the beginning of 2024, Egypt, Ethiopia, Iran, the Emirates and Saudi Arabia have joined BRICS.LINK

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Al-Sudani announces recommendations to be approved by the Council of Ministers to restructure Rafidain Bank

10/17/2024

Prime Minister Mohammed Shia Al-Sudani chaired a meeting today, Thursday, on efforts related to developing the work of the government banking sector, in the presence of representatives of Ernst & Young for auditing and financial consulting.

A statement from the Prime Minister's Office, a copy of which was received by {Euphrates News}, stated that "during the meeting, a package of recommendations was presented by the company to proceed with the reform of Rafidain Bank, which included the new legal status of Rafidain Bank, its capital, its work strategy, and the new consultant who will work with the bank to meet the global requirements for modern banking.

These recommendations will be presented to the Ministerial Council for the Economy, which will then submit them to the Council of Ministers for approval."

He explained that "the issue of restructuring Rafidain Bank is the first step in the government's banking reforms, which have been given special attention to follow up on all reports related to it, submitted by the relevant authorities, especially the committee concerned with the restructuring process."

The Prime Minister stressed "the importance of the banking sector reform project, which began with Rafidain Bank, pointing out the work to provide a bank with specifications and standards through which problems can be overcome and confidence given to citizens, in addition to enhancing cooperation with local and foreign investors."   LINK

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Clare: Iraq Participates in GITEX 2024 to Enhance Cooperation in Technology and Cybersecurity

10/17/2024

 Chairman of the Communications and Media Commission Ali Almoayyed participated in the 44th edition of GITEX Global 2024, which was held at the Dubai World Trade Center under the slogan “Global Cooperation to Shape the Future Economy Based on Artificial Intelligence.”

His media office stated in a statement received by {Euphrates News}, that "this exhibition is considered one of the largest global events specialized in technology and emerging companies, as it attracts a large number of governments, investors, major companies and experts from various sectors." 

He added: “The event is a platform to enhance global cooperation between governments, companies and investors, in addition to supporting start-ups and promoting innovation in academia and research circles.”

This year, GITEX Global 2024 will feature more than 6,500 companies from over 180 countries, with a focus on showcasing investment opportunities in advanced technology, cybersecurity, data protection, and artificial intelligence technologies.

The exhibition contributes to enhancing international cooperation in modern technology, providing governments and start-ups with unprecedented investment opportunities in various vital sectors. LINK

Clare:  Kuwait urges Iraq to take concrete measures to address outstanding issues between the two countrie

10/17/2024

Kuwaiti Prime Minister Ahmed Abdullah Al-Ahmad Al-Sabah called on Iraq to take tangible measures to address all pending issues between the two countries.

In his speech at the Gulf-European summit in Brussels, Al-Sabah said, "At the forefront of these files is the demarcation of the maritime borders beyond point 162 in accordance with international laws and conventions, and the completion of the file of prisoners, missing persons and Kuwaiti properties, including the national archives within the scope of the follow-up of the United Nations and in particular the Security Council.

" Al-Sabah urged "Iraq to adhere to the bilateral agreements related to the security and technical aspects of the navigational passage in Khor Abdullah, which are agreements that would enhance the concept of environmental conservation, regulate navigation, and combat terrorism and the illegal trade in weapons, drugs and human beings," stressing "the importance of continuing the dialogue based on understanding and mutual respect between the two brotherly countries."

He pointed out that "based on the belief in the principle of good neighborliness, Kuwait was keen to help Iraq rise up through close work aimed at restoring its regional status and position in a way that achieves the hopes of its brotherly people."

On October 3, Foreign Minister Fuad Hussein announced the imminent resumption of Iraqi-Kuwaiti negotiations to resolve outstanding problems between the two countries, noting “Iraq’s true desire to reach understandings to resolve existing differences.”  LINK

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Clare:  Today.. The Kurdistan government announces a list of September salaries

10/17/2024   Erbil 

An informed government source confirmed that the Kurdistan Regional Government will announce, today, Thursday (October 17, 2024), a list of employee salaries for last September.

The source said in an interview with Baghdad Today, “The Ministry of Finance will announce in the coming hours a schedule of employee salaries worth 977 billion dinars, including the security forces, employees, retirees, and social care.”

He added, "The distribution schedule will continue for 3 days, and includes the disbursement of all ministries, starting with the Ministry of Health, then the Peshmerga, and the rest of the institutions in succession."

An informed source revealed, on Saturday (October 12, 2024), the date for disbursing salaries to employees in the Kurdistan Region for the month of September .

The source said in an interview with "Baghdad Today" that "there is a shortage in the amounts allocated for salaries that will arrive on Sunday from Baghdad to the account of the Ministry of Finance in the regional government."

He added, "The Kurdistan Ministry of Finance will issue a schedule of the salary list, and will most likely begin distribution next Tuesday, with distribution ending on Thursday, and continuing for three days, only two days before the Kurdistan Parliament elections."

He added, "The regional government will distribute September salaries a few days before the elections in response to internal pressures and also as an election propaganda ."

The Ministry of Finance in the Kurdistan Region announced last September that it had delivered the list of employees' salaries for the months of August and September, as requested by the Federal Ministry of Finance the last time, confirming that it was waiting to start sending the Salaries for the month of September to the region's employees, in conjunction with the start of the process of auditing the salary list .  LINK